ALBANY, N.Y. -- National Savings Bank of Albany shareholders approved an agreement and plan to merge with KeyCorp, Albany.

National Savings said that, of the 87.36% of outstanding shares represented at the meeting, 98.79% voted for the merger, or 86.31% of all outstanding shares. The bank said it expects to conclude the merger in the first quarter of 1993.

Upon completion, each share of National common stock will be converted into a number of shares of KeyCorp common stock having an intended market value of $33.

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